California June Home Sales

July 20, 2006

A total of 53,700 new and resale houses and condos were sold statewide last month. That's up 3.8 percent from 51,750 for May and down 20.7 percent from 67,750 for June 2005. Last year's June was the strongest month in DataQuick's statistics, which go back to 1988.

The median price paid for a home last month was $478,000, a new record. That was up 1.9 percent from $469,000 for May, and up 7.4 percent from $445,000 for June a year ago. The 7.4 percent year-over-year increase was the lowest since October 2001 when the then median of $230,000 was up 6.7 percent from $215,500 a year earlier.

The typical mortgage payment that home buyers committed themselves to paying last month was $2,362. That was up from $2,298 in May, and up from $1,934 for June a year ago.

DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. The numbers cover all sales, new and resale, houses and condos.

Market stress indicators are still low: Down payments are stable, speculation buying is moderate, there are no significant shifts in market mix and default rates are rising, but still low. Earlier increases in non owner-occupied purchase activity and flipping activity have leveled off. The use of adjustable-rate mortgages has dropped the last half year.

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